A well-known animal rights organization uses the market slump during the coronavirus pandemic to influence fashion brands.
According to a pers conference from People for the Ethical Treatment of Animals (PETA), the group “has taken advantage of the COVID-19 market slump to buy shares in nearly two dozen companies – including Ralph Lauren, Urban Outfitters, Guess, and Capri Holdings (parent company) Michael Kors and Versace) – to encourage brands to ban wool, mohair and cashmere. “
This follows PETA’s extensive campaign to influence leading fashion brands to remove fur. Although wool production does not involve killing animals (most of the time, however), organization claim there is no human way to shave sheep to get wool (here are a few difficult-to-watch videos from PETA about the cutting process; non-profit also said there were environmental problems).
PETA’s strategy is to buy the minimum number of shares needed in a clothing company so they can “attend annual meetings, deal with shareholders and influence management decisions from the inside.”
As noted by the Fashionista style website, this process has been successful before, with PETA claiming they inspired Elon Musk to announce he will turn to vegan leather in the interior of Tesla’s car and get a Gap to attract angora items.
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